John McCain wants to cut corporate taxes by 10% — taking the corporate tax rate down from 35% to 25%. He believes this will convince companies not to go off shore for workers. It’ll keep them here. Too bad he’s wrong.
Publicly traded companies care about one thing — their stock prices. Giving them a tax cut won’t guarantee any company will keep jobs here, especially if it’ll make their stock price go up to locate jobs overseas.
McCain, also, wants to take the burden of insurance off the backs of our corporations and have individuals pay for it themselves. He’s really working the business side of things, isn’t he? He believes that we’ll keep prices down if we have to pay for the insurance ourselves. He wants to give a tax credit to us, so we’ll buy our own insurance. ($2500 for singles, $5000 for families)
You know what will happen? People will buy the insurance and those with a lot of money will buy the good insurance. The insurance that’ll cover everything and they’ll stay off the public rolls when a serious illness comes along — most likely. People with middle incomes will buy middle cost insurance. They’ll risk losing their homes if a serious illness comes along. And, the people at the bottom of the income levels will buy exactly the amount the credit covers and when it isn’t enough to cover their needs, we’ll all be supporting them.
McCain, also, wants to make the Bush Tax Cuts permament. Well, that’ll help those on top and leave nothing for the others on the bottom.
Here’s an idea:
Instead of just granting businesses a huge tax cut, give them the credits. For each single employee, give the employer a $2500 credit to help offset the cost of insuring them. Give a $5000 tax credit to ensure an employee and their dependents. That would ease company’s burdens — limit the tax credit to only Americans working in America. Place a cap on how many overseas employees a company can have to keep the credit.
Don’t make the Bush cuts permament — restructure the income tax tables. Right now, it’s 10%,15%,25% and 33%. Let’s keep the top spot and rearrange the others. We need 20% and 30% brackets. If I had more time this morning, I’d tell you why.
Well, it’s off to work for me. I’m still reading on Barack Obama’s ideas for the economy and I’m sure I’ll have something to say about them, too.